Bloomberg reports that Mitsubishi UFJ, which owns 22% of Morgan Stanley, will continue to run the business, which offers investing services to wealthy individuals in Japan, said the person, who asked to remain anonymous because the deal hasn’t been announced.
Morgan Stanley will provide research and investment products when the partnership takes effect in January, the person said. Terms of the agreement weren’t immediately available.
Morgan Stanley CEO James Gorman, 55, has pointed to the firm’s ties with Mitsubishi UFJ, Japan’s biggest bank, as a strategic advantage as the Asian nation’s economy expands. The companies set up a pair of investment-banking ventures in Japan in 2010, two years after Mitsubishi UFJ invested $9bn in Morgan Stanley to help it stay afloat in the financial crisis.
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